Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, Dec. 31, 20Y2 20Y1 Assets Cash $183 $14 Accounts receivable (net) 49 Inventories Land 250 330 Equipment 205 175 Accumulated depreciation-equipment (68) (42) Total assets $742 $625 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $37 $51 Dividends payable Common stock, $1 par 125 80 Paid-in capital: Excess of issue price over par- 70 85 common stock Retained earnings 476 438 Total liabilities and stockholders' equity $742 $625 The following additional information is taken from the records: a. Land was sold for $120. b. Equipment was acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $62 credit to Retained Earnings for net income. f. There was a $24 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting Cash flows from operating activities. Use the Olson-Jones Industries, Inc. Statement of Cash Flows a. Prepare a statement of cash flows, using the indirect method of presenting Cash flows from operating activ Olson-Jones Industries, Inc Statement of Cash Flows For the Year Ended December 31, 20%2 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year b. Was Olson-Jones's net cash flow from operations more or less than net income? The source(s) of the difference are: a. Gain on the sale of land Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year b. Was olson-Jones's net cash flow from operations more or less than net income? The source(s) of the difference are: a. Gain on the sale of land b. Purchase of equipment c. Sale of common stock d. Changes in current operating assets and liabilities e. Depreciation expense f. Dividends paid